News

Chelsea owner oils the wheels

CHELSEA Football Club’s billionaire owner, Roman Abramovich, is expected to open a data room soon in the first stage of selling a stake in Sibneft, his Russian oil company.

His advisers, Citigroup, have been in talks with Russian President Vladimir Putin about selling part of Abramovich’s stake, worth around £8 billion.

While a deal is still some way off, a data room — a place containing information about the firm — could be open in Moscow by the middle of next month. The oil baron is said to be keen to sell 25% to 50%.

Several western oil companies including Chevron Texaco and Exxon Mobil have been following the company for months in the hope that a sale process will get under way. Any deal will require the blessing of the Russian government.

A sale has been hampered by the fact that Sibneft merged with Yukos, another Russian oil company, last year.